There are many challenges standing in your way as you move through the divorce process. For many people, there is nothing more important than property division.
It’s important to realize that you’ll need to compromise along the way. You aren’t going to get everything you want, but at the same time you won’t end up with nothing.
If you’re seeking a better way to stay on track and make informed decisions, a property division checklist could be just what you need. With this guiding you, it’s much easier to understand what type of property will come into play and how to deal with it along the way.
Generally speaking, a property division checklist is made up of four distinct categories:
- Real property. This can include things such as your family home, rental property and any land that you own.
- Personal property. From artwork to coin collections, from home furnishings to computers, there is a lot that fits into this category.
- Financial assets. Cash, bank accounts, retirement accounts, pensions, stocks and bonds, mutual funds, annuities, and life insurance. These are the types of things, among others, that belong in this category.
- Business assets. This doesn’t impact everyone, but if you’re a business owner it will definitely come into play. Focus on things such as your stake in the business, business equipment, and anything else that is valuable to your company.
Once you make a list of all the assets to include in your divorce, you should also think about anything your spouse could be hiding. You don’t want him or her to keep something from the court that should be part of the property division process.
With a property division checklist in hand and sound knowledge of your legal rights in mind, you should feel better about what the future will bring.
You shouldn’t expect everything to go smoothly in regard to property division, as you never know what the other person will say or how the court will rule, but there are definitely things you can do to prepare yourself.